Watch CNBC's full interview with Ark Invest CEO Cathie Wood

Cathie Wood, Ark Invest CEO and CIO, joins CNBC's 'Squawk Box' to break down her outlook for the U.S. economy, high-multiple companies, markets and more. We think we are in a recession," Wood tells CNBC. "Inflation has been a bigger problem, but I think it sets us up for deflation."